RGL invests in Middle East jewellery brand Naman Trading

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AI summary

Renaissance Global's step-down subsidiary Renaissance Jewellery Middle East FZCO will acquire a 20 percent stake in UAE-based Naman Trading FZC, a branded jewellery player with annual revenue around Rs. 190 to 200 crore. Deal is priced at USD 220,000 per share, paid in cash, with an option to acquire the balance stake later. Completion targeted within 24 months. Not a related party transaction. This gives RGL entry into the branded jewellery market in the Middle East along with merchandising and supply chain benefits.

Likely market impact

Strategic entry into branded jewellery in the Middle East, offering revenue diversification and margin growth potential for shareholders.